What does retirement mean to you?

Retirement is an odd word, which means different things to different people.

Most common is the fact that retirement means you have reached the end of your working life, either voluntarily or reluctantly.

There is a general feeling that we are all wanting to get to retirement and enjoy the fruits of our hard work by perhaps getting up later in the morning, having less of a daily schedule and seeing friends, family and places that we have not seen whilst we have been working.

However, the best retirements are planned.

It is not just understanding that you have sufficient funds to live on through those lazy hazy days and that you can fund your hobbies and activities or travel the world, it is about lifestyle, where you live, how fit and well you are and what added value you can give back to the community now you have time on your hands in retirement.

In this day and age, many people approaching retirement will be welcomed by their families to become supplementary childcarers. The cost of out of school or pre-school care is often prohibitive for young families and they will enjoy profiting from their family’s retirement whether it is in their plans or not. There may well be emotional ties to encourage the elders to spend more time with the youngsters.

In addition, there are other considerations to think about in retirement.

Retirement should be joyous, but often it is a time when you miss your colleagues, you miss the collaboration and perhaps even the status you had at work. What will you do to make up for that?

And yes, are your finances really secure and sufficient to last you through or do you need to find some additional work to satisfy your financial and social needs?

There are many things to consider when it comes to retirement and companies and organisations should be aware that succession planning alongside retirement coaching for their senior staff and seniors approaching retirement can be an added bonus all round.

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